Enslave Your Irresponsible Self; Don't Enslave Me
24 October 2006
Editor, Marketplace Morning Report
American Public Media
Dear Editor:
Of all the arguments for Social Security, Jim Carrier's is the worst ("Let's up the Social Security tax," October 24). He asks "if Social Security hadn't existed ... would I have set aside hundreds of thousands to provide for myself?" And he answers: "Not likely. I proved that 10 years ago when I cashed an annuity and bought a sailboat. I sailed to Spain and had lots of fun. But as an investment it was worse than Enron."
No doubt.
But it's galling that Mr. Carrier presumes the rest of us to be as irresponsible as he is - and that we welcome public-policy advice offered by someone so financially reckless.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Editor, Marketplace Morning Report
American Public Media
Dear Editor:
Of all the arguments for Social Security, Jim Carrier's is the worst ("Let's up the Social Security tax," October 24). He asks "if Social Security hadn't existed ... would I have set aside hundreds of thousands to provide for myself?" And he answers: "Not likely. I proved that 10 years ago when I cashed an annuity and bought a sailboat. I sailed to Spain and had lots of fun. But as an investment it was worse than Enron."
No doubt.
But it's galling that Mr. Carrier presumes the rest of us to be as irresponsible as he is - and that we welcome public-policy advice offered by someone so financially reckless.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Posted by Don Boudreaux on
Wednesday June 6, 2007 at 12:55pm